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Home My WebLink AboutJune 26CITY OF FALCON HEIGHTS Regular Meeting of the City Council City Hall 2077 West Larpenteur Avenue AGENDA June 26, 2013 A. CALL TO ORDER: B. ROLL CALL: LINDSTROM ____ HARRIS ____ GOSLINE ____ LONG ____ MERCER-TAYLOR ____ FISCHER ____ C. PRESENTATIONS: 1. Annual MS4 Presentation- Tim Pittman, Director of Parks and Public Works D. APPROVAL OF MINUTES: June 12, 2013 E. PUBLIC HEARINGS: F. CONSENT AGENDA: 1. General Disbursements through 6/18/2013: $56,793.99 Payroll through 6/13/2013: $19,685.31 2. Approval of City Licenses 3. Approve Out of State Travel for the Mayor not to exceed $350 G: POLICY ITEMS: 1. Approve Contract Agreement for Police Services with the City of St. Anthony for Calendar Year 2014 2. Approval of Sale of $450,000 General Obligations Improvement Bonds, Series 2013A H. INFORMATION/ANNOUNCEMENTS: I. COMMUNITY FORUM: J. ADJOURNMENT: CITY OF FALCON HEIGHTS Regular Meeting of the City Council City Hall 2077 West Larpenteur Avenue MINUTES June 12, 2013 A. CALL TO ORDER: 7:03PM B. ROLL CALL: LINDSTROM _X_ HARRIS _X_ GOSLINE _X_ LONG _X_ MERCER-TAYLOR _AB_ FISCHER _X_ KNUTSON _X_ TESSER _X_ C. PRESENTATIONS: D. APPROVAL OF MINUTES: May 22, 2013 APPROVED E. PUBLIC HEARINGS: F. CONSENT AGENDA: Pam Harris Moved, Approval 4-0 1. General Disbursements through 6/6/2013: $166,748.35 Payroll through 5/31/2013: $15,635.82 2. Approval of City Licenses 3. Bulky Waste Recycling Project 4. Call for Public Hearing on Hiawatha Conduit Bond Finance Deal 5. Performance Measurement Resolution 6. CRWD Agreement/ 2013 Improvements 7. Approve Payment #1 to T.A. Schifsky & Sons, Inc. for the 2013 Pavement Management Project G: POLICY ITEMS: Pam Harris Moved, Approval 4-0 1. Approve Amending of Lawful Gambling Ordinance Michelle Tesser and Roger Knutson presented the staff report and answered various questions from the City Council H. INFORMATION/ANNOUNCEMENTS: Council Member Chuck Long Provided an update on Park & Rec programs Announced Movie and Camping in the Park event June 21st Mayor Peter Lindstrom Provided an update on a Snelling Ave Bus Rapid Transit Committee he attended I. COMMUNITY FORUM: J. ADJOURNMENT: 7:25PM REQUEST FOR COUNCIL ACTION Families, Fields and Fair __________________________ The City That Soars! Item General Disbursements and Payroll Description General Disbursements through 6/18/2013: $56,793.99 Payroll through 6/13/2013: $19,685.31 Budget Impact Attachment(s) General Disbursements and Payroll Action(s) Requested Staff recommends that the Falcon Heights City Council approve general disbursements and payroll. Meeting Date June 26, 2013 Agenda Item Consent F1 Attachment General Disbursements and Payroll Submitted By Roland Olson, Finance Director REQUEST FOR COUNCIL ACTION Families, Fields and Fair __________________________ The City That Soars! Item Approval of City Licenses Description The following individuals have applied for a Mechanical License for 2013. Staff has received the necessary documents for licensure. 1. Perfection Heating & Air 2. Ridler Heating and Cooling dba Uptown Heating and Cooling Budget Impact N/A Attachment(s) N/A Action(s) Requested Staff recommends that the Falcon Heights City Council approve the 2013 City License Applications. Meeting Date June 26, 2013 Agenda Item Consent F2 Attachment N/A Submitted By Michelle Tesser, Assistant to the City Administrator REQUEST FOR COUNCIL ACTION Families, Fields and Fair __________________________ The City That Soars! Item Approve Out of State Travel for the Mayor not to exceed $350 Description Recently, Mayor Peter Lindstrom was asked to speak on a panel at the International Law Weekend-Midwest Conference regarding Local Efforts on Climate Change. The panel/conference will be conducted at Washington University in St. Louis. The conference organizers have funds to pay for most of the travel and conference expenses, save some dollars for a flight. The State Auditor recommends that any out of state travel expenses by a local elected official be approved by the City Council. The Mayor is asking for approval of out of state travel expenses to the above conference not to exceed $350. Budget Impact Annually, the City budgets for continuing education/conference travel expenses and $350 is well within that portion of the budget. Attachment N/A Action(s) Requested Approve out of state travel expenses for the Mayor to attend the ILW-Midwest Conference not to exceed $350. Meeting Date June 26, 2013 Agenda Item Consent F3 Attachment N/A Submitted By Bart Fischer, City Administrator Peter Lindstrom, Mayor REQUEST FOR COUNCIL ACTION Families, Fields and Fair __________________________ The City That Soars! Item Approve Contract Agreement for Police Services with the City of St. Anthony for calendar year 2014 Description The present Police Services Contract with the City of St. Anthony will expire at the end of 2013. As part of the agreement, both cities attempt to have the next contract in place by mid-summer of the previous year for budget planning purposes. From a Falcon Heights Staff perspective, it has been a pleasure working with the St. Anthony City Staff on negotiations for this contract. It is staff’s opinion that the attached agreement with St. Anthony for Police Services is fair and equitable. The major differences from the last contract are: -A 2.5% increase over the past 2 year contract due to an increase of costs to St. Anthony of 2% in wages, 13.3% in health insurance costs and an increase in budgeted fuel costs from $3.00/gallon to $3.75/gallon. -A desire by both parties to enter into a 1 year contract vs. a 2 year contract as this will better align future negotiations with St. Anthony’s timeline for union negotiations with PD staff. It is staff’s recommendation that Council approve the Contract Agreement for Police Services for 2014 with the City of St. Anthony. Budget Impact The proposed 1 year contract would include a 2.5% increase over the past year’s contract. This increase will be budgeted for in the 2014 Budget. Attachment Contract Agreement for Police Services-2014 Action(s) Requested Approve the Contract Agreement for Police Services for 2014 with the City of St. Anthony and authorize the City Administrator to execute any related documents. Meeting Date June 26, 2013 Agenda Item Policy G1 Attachment Contract Agreement for Police Services- 2014 Submitted By Bart Fischer, City Administrator Contract Agreement for Police Services Page 1 CONTRACT AGREEMENT FOR POLICE SERVICES This Agreement is made and entered into as of , 2013 between the CITY OF ST. ANTHONY, a municipal corporation under the laws of the State of Minnesota ("St. Anthony") and the CITY OF FALCON HEIGHTS, a municipal corporation under the laws of the State of Minnesota ("Falcon Heights"). The services to be performed under this Agreement will commence January 1, 2014. I. PURPOSE St. Anthony and Falcon Heights have the power within their respective cities to provide for the prevention of crime and for police protection. Under Minnesota Statutes, Section 471.59, the cities may, by agreement, provide for the exercise of the police power by one city on behalf of the other city. This Agreement sets forth the terms and conditions under which St. Anthony will provide police services for Falcon Heights. St. Anthony will have full authority and responsibility to provide services in accordance with all enabling legislation under the laws of the State of Minnesota and the ordinances of Falcon Heights. St. Anthony will provide feedback to the Falcon Heights City Administrator and City Council on a regular and timely basis, and will actively support the creation of a Joint Advisory Committee pursuant to Section IX of this Agreement, whose members come from both cities, and whose purpose is to review, monitor, and ensure a successful relationship between the two cities under this Agreement. II. INTERPRETATION This Agreement is entered following the approval by the Falcon Heights and St. Anthony City Councils. To the extent that any of the provisions of this Agreement are inconsistent with the provisions of the Proposal, the provisions of this Agreement will control. If any provision of this Agreement is ambiguous, the parties agree that the Proposal may be looked to as evidence of the parties' intent. III. SERVICES St. Anthony will provide Falcon Heights with 24 hour police service, and will physically place a certified officer within the boundaries of Falcon Heights 24 hours each day, except in those instances when the officer makes an arrest and transports a prisoner, during mutual aid situations, when providing a backup for another officer, or when called away for a court appearance, booking or similar police matter. Subject to these exceptions and in normal circumstances, St. Anthony will provide 24-hour police protection and police presence each day within the City of Falcon Heights. In those instances stated above when an officer is not physically present in Falcon Heights, St. Anthony will respond to emergency police calls with other officers. IV. LEVEL OF SERVICES During the term of this Agreement, St. Anthony will provide to Falcon Heights the same police service extended to persons and property within St. Anthony, which will include, but not be limited to, the following: A. Patrol services, with random patrolling of all residential, business and public property areas during all shifts; B. Police presence within the boundaries of Falcon Heights 24 hours each day, subject only to the exceptions noted above; Contract Agreement for Police Services Page 2 C. Animal control services as provided within the City of St. Anthony by the animal control service employed by St. Anthony; D. Dispatching services are to be paid directly by the municipality served by Ramsey County Dispatch; E. Enforcement of all ordinances of Falcon Heights which are intended to be enforced by police officers, with special attention being given to parking, winter and nuisance ordinances; F. Ticketing for traffic violations will be done routinely during normal shifts; G. Crime prevention programs that encourage community involvement and investment in the City of Falcon Heights; in appropriate cases, referrals will be made to the Northwest Youth and Family Services Youth Diversion Program; H. Criminal investigations; I. Reports on police services and activities, including weekly, monthly and annual police reports; J. Responses to medical emergencies, fires and other emergencies; responses shall include, where appropriate, securing the scene for fire/rescue personnel, accompanying fire/rescue personnel to the hospital upon request of such personnel, and providing follow-up information to fire/rescue personnel upon request of such personnel; K. Officers will be available at Falcon Heights City Hall to answer questions from, and provide information regarding police activities to Falcon Heights residents, business owners and staff on an as-needed basis; L. License inspections, background investigations and license enforcement services as called for under applicable state law or city ordinances; M. Review and comment, upon request, of proposed Falcon Heights ordinances affecting police services or enforcement; N. Follow-up on reported crimes with the person(s) who reported the crime, including routine notification by telephone or mail as to the status of the investigation; and O. Special event traffic patrol services. V. PAYMENT FOR SERVICES This Agreement will be effective January 1, 2014 and will continue until December 31, 2014. In consideration of the services to be provided under this Agreement, Falcon Heights will pay St. Anthony an annual fee of $617,081 for the year 2014, for the police service under this Agreement. VI. METHOD OF PAYMENT St. Anthony will bill Falcon Heights monthly for 1/12 of the annual fee, and Falcon Heights will promptly remit payments to St. Anthony within 30 days after receiving each billing from St. Anthony. Contract Agreement for Police Services Page 3 VII. LIABILITY St. Anthony will be responsible for all liability incurred as a result of the actions of its employees, volunteers and agents under this Agreement, and will hold Falcon Heights, its officers and employees harmless for any liability resulting from actions of a St. Anthony employee, volunteer or agent and shall defend Falcon Heights, its officers and employees, against any claim for damages arising out of St. Anthony's performance or failure to perform its obligation under of this Agreement;. St. Anthony will bear the expense to defend itself and Lauderdale in the event of a claim, action or liability including attorney’s fees and any deductible amount if the matter is covered by St. Anthony’s insurer. VIII. ADMINISTRATIVE RESPONSIBILITY The law enforcement and police services rendered to Falcon Heights will be under the sole direction of St. Anthony. The standards of performance, the hiring and discipline of officers assigned, and other matters relating to regulations and policies related to police employment, services and activities, will be within the exclusive control of St. Anthony. The parties hereto expressly affirm the importance of work force diversity and St. Anthony agrees to use reasonable efforts, within applicable departmental budgetary limits, to recruit qualified female and minority police officers. IX. JOINT ADVISORY COMMITTEE Both cities will appoint members to a Joint Advisory Committee. The committee will meet at least once a year to ensure that this Agreement and the services performed pursuant to this Agreement are meeting the expectations of both cities. Any recommendations of the committee will be strictly advisory. X. COMMUNICATIONS, EQUIPMENT AND SUPPLIES St. Anthony will furnish all communication equipment and any necessary supplies required to perform the services, which are to be rendered under this Agreement. XI. COOPERATION AND ASSISTANCE AGREEMENTS Falcon Heights will be included in all Cooperative Agreements entered into by the St. Anthony Police Department with other police services units. XII. HEADQUARTERS Headquarters for services rendered to Falcon Heights under this Agreement will be located at offices owned or leased by St. Anthony. The citizens of Falcon Heights may notify headquarters or Ramsey County radio dispatch for police services requested either in person or by some other means of communication. St. Anthony officers may take routine telephone calls and complete routine reports for Falcon Heights at the Falcon Heights City Hall, and Falcon Heights will have facilities available to the officers at Falcon Heights City Hall for this purpose. The facilities will include a desk, telephone, fax and copier. XIII. EMPLOYEES OF ST. ANTHONY Officers assigned to duty in Falcon Heights will at all times be employees of St. Anthony. All obligations with regard to workers compensation, PERA, withholding tax, insurance and similar personnel and employment matters will be the obligation of St. Anthony. Falcon Heights will not be required to furnish any fringe benefits or assume any other liability of employment to any officer assigned to duty within Falcon Heights. Contract Agreement for Police Services Page 4 XIV. ENFORCEMENT POLICIES Enforcement policies of St. Anthony will prevail as the enforcement policies within Falcon Heights. A written statement of the current enforcement policies of St. Anthony will be provided in writing to Falcon Heights. XV. ENFORCEMENT OF ORDINANCES OF THE CITY OF FALCON HEIGHTS St. Anthony officers assigned to duty within Falcon Heights will enforce Falcon Heights' ordinances to the extent appropriate for enforcement by police officers. XVI. OFFICERS OF FALCON HEIGHTS The officer’s assigned duty within Falcon Heights will be provided with authority to enforce the laws of the City of Falcon Heights by proper action to be taken by the Falcon Heights City Council, and while performing services under this Agreement will be considered police officers of Falcon Heights. The Chief of Police of St. Anthony will furnish to the Falcon Heights City Administrator the names of all St. Anthony police officers assigned to Falcon Heights, and all such officers will be appointed officers of the City of Falcon Heights. XVII. OFFENSES All offenses within Falcon Heights charged by police officers under this Agreement will be charged in accordance with Falcon Heights' ordinances when possible; otherwise, the charge will be made in accordance with the laws of the State of Minnesota or the laws of the United States of America. XVIII. COMMUNICATIONS St. Anthony agrees to provide the Falcon Heights Administrator with weekly, monthly and annual police reports, in a format as is mutually agreed to by the St. Anthony Police Chief and the Falcon Heights City Administrator. The St. Anthony Police Chief will regularly communicate with the Falcon Heights City Administrator in order to ensure that Falcon Heights is knowledgeable about any police activity in the City, and at the request of the Administrator the Police Chief will make presentations to the Falcon Heights City Council. XIX. PROSECUTION AND REVENUES Falcon Heights will pay all costs of prosecution for all offenses charged within its boundaries or under its ordinances. LEAA funds and confiscated drug funds will be retained by St. Anthony. Fine revenues will be paid to Falcon Heights. P.O.S.T. training funds will be used for officer training. XX. CONTINUATION OF AGREEMENT This Agreement will be effective January 1, 2014 and will continue until terminated as described in Paragraph XXI below. In consideration for services provided under this Agreement, St. Anthony and Falcon Heights shall establish the fee for police services for the time period after December 31, 2014 by June 15, 2014. XXI. TERMINATION OF AGREEMENT Either St. Anthony or Falcon Heights may terminate the Agreement by submitting a written notification to Contract Agreement for Police Services Page 5 terminate to the City Administrator of Falcon Heights and the City Manager of St. Anthony by June 15, 2014. Termination of this Agreement shall be effective on December 31st at 11:59 p.m. of the year that either Falcon Heights or St. Anthony terminates the Agreement. XXII. REVIEW OF AGREEMENT From time to time the terms and conditions of this Agreement shall be reviewed and revised, as St. Anthony and Falcon Heights deem necessary. XXIII. ASSIGNMENT The rights and obligations of the parties under this Agreement will not be assigned, and St. Anthony will not subcontract for any services to be furnished to Falcon Heights (except as otherwise provided in this Agreement), without the prior written consent of the other party. The parties hereto have executed this Agreement as of the date first above stated. CITY OF FALCON HEIGHTS CITY OF ST. ANTHONY By: By: ___________________________ Mayor Mayor By: By:___________________________ City Administrator City Manager Date: Date: _______________ REQUEST FOR COUNCIL ACTION Families, Fields and Fair __________________________ The City That Soars! Item Approval of Sale of $450,000 General Obligations Improvement Bonds, Series 2013A Description To provide sufficient financing for the 2013 street project, the City needs to bond. The city has contacted Ehlers and Associates to prepare a presale report for the $450,000 General Obligation Improvement Bonds, Series 2013A. This report is attached. Staff recommends approval of the resolution providing for the sale of these bonds and recommends retaining Ehlers and Associates Inc. of Roseville as its independent financial advisor for the Bonds and recommends Ehlers be authorized to solicit proposals in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9). Budget Impact The attached Ehlers report shows the budget to levy impact. Attachment(s) Ehlers and Associates Pre-Sale Report for $450,000 General Obligation Improvement Bonds, Series 2013A. Action(s) Requested Staff recommends approval of the Resolution Providing for the Sale of $450,000 General Obligation Improvement Bonds, Series 2013A and recommends the City retain Ehlers and Associates Inc. in Roseville as its independent financial advisor for the Bonds and is therefore authorized to solicit proposals in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9). Meeting Date June 26, 2013 Agenda Item Policy G2 Attachment Ehlers and Associates Presale Report Submitted By Bart Fischer, City Administrator Roland Olson, Finance Director CITY OF FALCON HEIGHTS COUNCIL RESOLUTION June 26, 2013 No. 13-15 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - RESOLUTION PROVIDING FOR THE SALE OF $450,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2013A WHEREAS, the City Council of the City of Falcon Heights, Minnesota, has heretofore determined that it is necessary and expedient to issue the City's $450,000 General Obligation Improvement Bonds (the "Bonds"), to finance the 2013 Pavement Management Project in the City; and WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its independent financial advisor for the Bonds and is therefore authorized to solicit proposals in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9); NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Falcon Heights, Minnesota, as follows: 1. Authorization; Findings. The City Council hereby authorizes Ehlers to solicit proposals for the sale of the Bonds. 2. Meeting; Proposal Opening. The City Council shall meet at 7:00 p.m. on July 24, 2013, for the purpose of considering proposals for and awarding the sale of the Bonds. 3. Official Statement. In connection with said sale, the officers or employees of the City are hereby authorized to cooperate with Ehlers and participate in the preparation of an official statement for the Bonds and to execute and deliver it on behalf of the City upon its completion. BE IT FURTHER RESOLVED The motion for the adoption of the foregoing resolution was duly seconded by Council Member _______________________ and, after full discussion thereof and upon a vote being taken thereon, the following Council Members voted in favor thereof: and the following voted against the same: Adopted by the City Council of Falcon Heights, Minnesota, this 26th day of June, 2013. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Moved by: Approved by: ________________________ Peter Lindstrom, Mayor June 26, 2013 LINDSTROM ____ In Favor Attested by: ________________________ GOSLINE Bart Fischer HARRIS ____ Against City Administrator LONG June 26, 2013 MERCER-TAYLOR Prepared and Presented by: Shelly Eldridge, CIPFA Financial Advisor And Nick Anhut Financial Specialist June 26, 2013 Pre-Sale Report for $450,000 General Obligation Improvement Bonds, Series 2013A City of Falcon Heights, Minnesota Presale Report City of Falcon Heights, Minnesota June 26, 2013 Page 1 Executive Summary of Proposed Debt Proposed Issue: $450,000 General Obligation Improvement Bonds, Series 2013A Authority: The Bonds are being issued pursuant to Minnesota Statues, Chapter 429 and 475. Because the City assessing at least 20% of the project costs, the Bonds can be a general obligation without a referendum and will not count against the City’s debt limit. Purposes/Funding Sources: The proposed issue includes financing for the 2013 Pavement Management Project. Debt service will be paid from a combination of assessments and tax levy. Assessments will be levied for collection from 2014 to 2020 at a rate of 2% over the rate of the Bonds. Using current market estimates, the average annual levy requirement net of assessments is $25,500. Term/Call Feature The Bonds are being issued for a seven year term. Principal on the Bonds will be due on February 1 in the years 2015 through 2021. Interest is payable every six months beginning February 1, 2014. Approximately $4,220 of capitalized interest is included in the Bonds to make the first interest payment. Due to the short term, and in order to achieve the lowest interest rates possible, the Bonds are being offered without option of prior redemption. Bank Qualification Because the City is issuing less than $10,000,000 in the calendar year, the City will be able to designate the Bonds as “bank qualified” obligations. Bank qualified status broadens the market for the Bonds, which can result in lower interest rates. Rating: We recommend selling this issue non-rated as the cost of the rating would not be expected to be offset by the potential lower interest rates resulting from obtaining a rating. For a larger bond issue, or a longer term bond issue, a rating might broaden the market for the Bonds and result in an overall reduction in interest costs. Method of Sale/Placement: In order to obtain the lowest interest cost to the City, we will solicit competitive bids for purchase of the Bonds from local banks in your area and regional underwriters. We have included an allowance for discount bidding equal to 1.5% of the principal amount of the issue. The discount is treated as an interest item and provides the underwriter with all or a portion of its compensation in the transaction. If the Bonds are purchased at a price greater than the minimum bid amount (maximum discount), the unused allowance may be used to lower your borrowing amount. Presale Report City of Falcon Heights, Minnesota June 26, 2013 Page 2 Review of Existing Debt: We have reviewed all outstanding indebtedness for the City and find that there are no refunding opportunities at this time. We will continue to monitor the market and the call dates for the City’s outstanding debt and will alert you to any future refunding opportunities. Continuing Disclosure: Because the amount of the Bonds to be issued is less than $1,000,000, this issue could be exempt from the Continuing Disclosure requirements of the Securities and Exchange Commission (SEC), However, some underwriters require limited disclosure as one of the parameters for bidding, we recommend that the City provide for the limited disclosure by agreeing to provide its Audited Financial Statements annually as well as providing notices of the occurrence of certain “material events” to the Municipal Securities Rulemaking Board (the “MSRB”). The City will now be obligated to provide such reports, and may do this on their own or contract with Ehlers to prepare and file the reports. Arbitrage Monitoring: Because the Bonds are tax-exempt securities/tax credit securities, the Issuer must ensure compliance with certain Internal Revenue Service (IRS) rules throughout the life of the issue. These rules apply to all gross proceeds of the issue, including initial bond proceeds and investment earnings in construction, escrow, debt service, and any reserve funds. How issuers spend bond proceeds and how they track interest earnings on funds (arbitrage/yield restriction compliance) are common subjects of IRS inquiries. Your specific responsibilities will be detailed in the Nonarbitrage Certificate prepared by your Bond Attorney and provided at closing. We recommend that you regularly monitor compliance with these rules and/or retain the services of a qualified firm to assist you. We also recommend that you establish written procedures regarding compliance with IRS rules. Risk Factors: Special Assessments: We have assumed 25% pre-paid special assessments and assessments levied for collection starting in 2014. If the City receives a significantly higher amount of pre-paid assessments or does not levy the assessments as projected, it may need to increase the levy portion of the debt service to make up for lower interest earnings than the expected assessment interest rate. Presale Report City of Falcon Heights, Minnesota June 26, 2013 Page 3 Proposed Debt Issuance Schedule Pre-Sale Review by Council: June 26, 2013 Distribute Official Statement: Week of July 8th City Council Meeting to Award Sale of the Bonds: July 24, 2013 Estimated Closing Date: On or about August 21, 2013 Attachments Sources and Uses of Funds Proposed Debt Service Schedule Resolution Authorizing Ehlers to Proceed With Bond Sale Ehlers Contacts: Financial Advisors: Shelly Eldridge Nick Anhut (651) 697-8504 (651) 697-8507 Disclosure Coordinator: Pia Troy (651) 697-8556 Bond Sale Coordinator: Financial Analyst: Alicia Baldwin Alicia Gage (651) 697-8523 (651) 697-8551 The Official Statement for this financing will be mailed to the Councilmembers at their home address or e-mailed for review prior to the sale date. City of Falcon Heights, Minnesota $450,000 General Obligation Bonds, Series 2013 Current Market BQ Non Rated rates plus 25bps Streets Only Sources & Uses Dated 08/15/2013 | Delivered 08/15/2013 Sources Of Funds Par Amount of Bonds$450,000.00 Prepaid Assessments (25%)94,578.50 Watershed Revenues 142,000.00 MSA Revenues 150,000.00 TIF Revenues 400,000.00 Total Sources $1,236,578.50 Uses Of Funds Total Underwriter's Discount (1.500%)6,750.00 Costs of Issuance 15,000.00 Deposit to Capitalized Interest (CIF) Fund 4,220.32 Assessment Projects 378,314.00 City Levy Projects 135,881.00 CRWD Watershed 142,000.00 MSA 150,000.00 TIF 400,000.00 Rounding Amount 4,413.18 Total Uses $1,236,578.50 Series 2013 GO Bonds - No | SINGLE PURPOSE | 6/20/2013 | 10:29 AM Page 1 City of Falcon Heights, Minnesota $450,000 General Obligation Bonds, Series 2013 Current Market BQ Non Rated rates plus 25bps Streets Only Debt Service Schedule Date Principal Coupon Interest Total P+I CIF Net New D/S 105% of Total Assessments Levy/ (Surplus) 02/01/2014--4,220.32 4,220.32(4,220.32)---- 02/01/2015 60,000.00 1.050%9,152.50 69,152.50-69,152.50 72,610.13 48,414.98 24,195.15 02/01/2016 60,000.00 1.400%8,522.50 68,522.50-68,522.50 71,948.63 48,414.98 23,533.65 02/01/2017 65,000.00 1.750%7,682.50 72,682.50-72,682.50 76,316.63 48,414.98 27,901.65 02/01/2018 65,000.00 2.050%6,545.00 71,545.00-71,545.00 75,122.25 48,414.98 26,707.27 02/01/2019 65,000.00 2.350%5,212.50 70,212.50-70,212.50 73,723.13 48,414.98 25,308.15 02/01/2020 65,000.00 2.600%3,685.00 68,685.00-68,685.00 72,119.25 48,414.98 23,704.27 02/01/2021 70,000.00 2.850%1,995.00 71,995.00-71,995.00 75,594.75 48,414.98 27,179.77 Total$450,000.00-$47,015.32$497,015.32(4,220.32)$492,795.00$517,434.75$338,904.86$178,529.89 Significant Dates Dated 8/15/2013 First Coupon Date 2/01/2014 Yield Statistics Bond Year Dollars$2,047.50 Average Life 4.550 Years Average Coupon 2.2962305% Net Interest Cost (NIC)2.6259009% True Interest Cost (TIC)2.6405143% Bond Yield for Arbitrage Purposes 2.2861434% All Inclusive Cost (AIC)3.4545271% Series 2013 GO Bonds - No | SINGLE PURPOSE | 6/20/2013 | 10:29 AM Page 2 City of Falcon Heights, Minnesota $283,736 General Obligation Bonds, Series 2013 Street Assessments - Non Rated 2% over Bond TIC - Equal P&I Assessments Date Principal Coupon Interest Total P+I 12/31/2014 35,221.28 4.650%13,193.70 48,414.98 12/31/2015 36,859.07 4.650%11,555.91 48,414.98 12/31/2016 38,573.02 4.650%9,841.96 48,414.98 12/31/2017 40,366.66 4.650%8,048.32 48,414.98 12/31/2018 42,243.71 4.650%6,171.27 48,414.98 12/31/2019 44,208.04 4.650%4,206.94 48,414.98 12/31/2020 46,263.72 4.650%2,151.26 48,414.98 Total$283,735.50-$55,169.36$338,904.86 Significant Dates Filing Date 1/01/2014 First Payment Date 12/31/2014 Series 2013 GO Bonds - No | SINGLE PURPOSE | 6/20/2013 | 10:29 AM Page 1